CDC calls for more Korean investments in agro-industries

CDC calls for more Korean investments in agro-industries

Vuthy apprises the visiting delegation of the Royal Government’s efforts to improve the investment climate through attractive incentives, infrastructure development and maintaining macroeconomic stability.

The Council for the Development of Cambodia (CDC) Wednesday urged South Korean investors to explore investment opportunities in Cambodia’s agro-industrial sector, particularly in the cashew processing and rice processing sectors.

The call was made during a meeting between the Secretary-General of the CDC’s Cambodian Investment Board (CIB/CDC) Chea Vuthy, and a business delegation of the Incheon Chamber of Commerce and Industry (ICCI) of the Republic of Korea led by its president, Park Joo Bong, in Phnom Penh.

Welcoming the delegation, Vuthy expressed satisfaction with the steady progress of bilateral cooperation between Cambodia and Korea, noting that the current visit will significantly contribute to increasing confidence and encouraging further investment in inflows from Korea.

He highlighted the Cambodian government’s continuous efforts to improve the investment climate through attractive incentives, infrastructure development, maintaining macroeconomic stability, especially cracking down on technological fraud to ensure the safety of both Korean tourists and investors.

On exploring investment, Vuthy underscored the robust growth of the rubber processing sector, citing its increasing demand to supply local tyre manufacturing activities, stating that this sector requires more investment to expand and maximise the benefits to ensure a stable domestic supply.

Other than rubber processing, he also encouraged more investment in the timber industry, which is also in high demand to supply plywood and other furniture manufacturing factories.

In response, Park appreciated the insights and showed a strong interest in Cambodia’s rapid development and the attractive investment opportunities, especially in the agricultural and agro-industrial sectors.

He expressed a strong desire to encourage and bring entrepreneurs from Incheon to study and learn about the Cambodian market in person, noting that the delegation’s presence here has helped clarify doubts and provide clear official information about the favourable investment climate in the country.

Park pledged continuing efforts to promote the real potential and coordination of the Cambodian government for Korean businessmen and the private sector to expand economic and investment relations between the two nations to reach a new level.

He expressed optimism for the investment attraction mission to Incheon in mid-June, which will be led by Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the CDC.

It should be noted that this is the third time that Joo Bong has led a business delegation to study Cambodia’s investment potential to open up new opportunities to strengthen economic and investment cooperation between the two countries.

khmertimeskh